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Text loans Features
Text loans Eligibility
Our ReviewUnique SMS loans (text loans) feature. Give customers the feature of registering once and then applying through their mobile phones. However, they apparently charge a fee of £1 even for rejected applications. They may also require some faxes for the first time registration. To know more about this lender do a quick search in the consumer forums of UK and hear what people have to say about it. |
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Excellent 5star
i have borrowed off this lender and they are exceptional there customer service team are polite and i have no problems what so ever with them, i recently became a new father and my pay was not put into my account as usual i was due to pay my loan back 3 days prior to the day i did and they understood my circumstances and did not add any further costs i am now a vip customer and am still using there services....... thanks txt loan Mr Robinson
I got a loan, and
I got a loan, and subsequently lost my card which I of course cancelled with my bank. I immediately told TXT Loan and advised I probably would not have a new card befire the loan was due to be repaid. Their reply: "Thanks, please advise when your new card is activiated, but we will continue to add charges for each day we are unable to collect the payment". Now there is no way this is fair practice and I am quite sure that if it came down to a legal battle these charges would be written off as unfair. Anyway, I have since gone bankrupt and the whole loan has been written off.
TxtLoan Took my payment & passed me to their Debt collectors!
I got a loan from these ppl last month. A few days b4 my payment was due I received an unexpected leccy bill which i had to pay 4 obvious reasons.
I emailed txt loan 2 explain my situation and told them i would pay the full amount plus any extra costs i would incur the following week. This amounted to £180.
When i instructed them the following wk to take the money from my account, they took it out of my account then said my payment was deferred!! I hav now had a call from their debt collectors demanding the £180 which i have already paid!! It is not fair, i have given them the money and it wasn't even a month b4 they passed me on 2 a debt collector.
These ppl just want 2 steal your money. i have emailed them twice explaining i have paid but have heard nuthing back! Hmmmmm....
Dear rollerpin7, I am sorry
Dear rollerpin7,
I am sorry to learn that you have experienced difficulties using our service. It is often the case that people use our service because of unexpected utility bills, so it is unfortunate that you faced one of these on top of an existing TXTLoan repayment.
In regard to your subsequent complaint about our service, we cannot find any record of an outstanding balance being requested twice - nor do we believe that this is possible. Nevertheless, we are more than happy to discuss this situation with you in detail. If you e-mail us at info@txtloan.co.uk with your relevant account details and paste the url of this discussion in the main body of text, we will investigate your complaint and get back in touch with you as soon as possible.
Many regards,
TXTLoan Customer Relations
DONT KNOCK IT
Hi....
After reading all the previous statements regarding this company(TXT FOR A LOAN)....I have had nothing but good experience with them, avoid payong £1 charge by rquesting loan on-line, money in account in minutes !!!
LJ
TXT LOAN.!!
I am very pleased with the level of service txt loan have given me i havent had any problems with them and they have certainly kept this customer satisfied...thanks txt loan.
I've used this company a
I've used this company a number of times over the past 4 months. I don't know if the APR is 900% or 9000% thats not the point. I sometimes need 100 pounds extra for a few days and its the 10 pounds they charge that i worry about. its quick and easy.
APR is DEFINITELY more than 994%
If other loan providers charge 30% a month and the APR is 2000% how can you charge 40% a month and have an APR of 994%? Your APR has to be more than 2000%.
stay well away i lst my card
stay well away i lst my card andhad to cancel it. everytime i tried t contact txtloan to let them no there was no luck. they are just money grabbers who pray on vunrable people. the best thing to do i struggle till pay day or you will be living off loans all your life!!!!!
Txtloan reply
As part of being a responsible lender, we not only verify that each and every customer is receiving a regular income but also we keep things simple by ONLY lending £100 for 7 days at a cost of £10. No more. No less. TxtLoan Team.
Answer the complaint
Your customer complained that "i tried t contact txtloan to let them no there was no luck" - why don't you try to address their complaint instead of rambling on about you being a responsible lender etc...
Thank you from TxtLoan
We would like to thank our customers for writing on this site.
As you know, we are transparent with our fees which cannot be said about most companies operating in the short-term lending space.
We believe that TxtLoan offers good value for money and hope that those of you who are happy with our service will continue telling others about us.
Thank you.
TxtLoan Team
the APR is a lot more than 994%
I am pretty sure that the 994% APR is incorrect, at a basic level the loan is 10% interest per week, and the calculation is as follows:
1.10^52=143.99 which equates to 14399% APR (yes 14 thousand percent).
If you borrow £1 and pay back 10% after a week (£1.10) and then borrow £1.10 after 2 weeks you would have to pay back £1.21, week 3 £1.33, week 4 £1.46, week 10 £2.59, week 20 £6.72,? week 30 £17.45 and week 52 £142 (one hundred and 42 pounds) for having borrowed £1 in week 1
Using your logic: 1.1^52=
Using your logic: 1.1^52= 142.04 * 100 = 14,204 %APR, if I borrow £100 for 1 week for nothing the formula is
1.0^52=1 * 100 = 100 %APR
yes you can borrow £100 for a week pay back £100 and according to the APR formula it has cost you 100%, which is why APR as a calculation for short term loans is nothing more than confusing.
Your APR is still **incorrect**
Very good, you have spotted a mistake in my calculations, let me correct my self:
the calculations should be 1.1^52 - 1 = 141.04 141.04 * 100 = 14,104 %APR
and therefore if there is no interest:
1^52 -1 = 0 0*100=0% APR
So my original calculation was out by 100%, you only charge 14104% APR (not 14204% APR). I apologise.
I accept that your pricing structure is clear but the APR is still incorrect and therefore is misleading and creates unfair competition when consumers compare your loans to other companies who charge 2000%APR for a 1 month loan (their calculations are correct).
So please tell me how you reached the 997% APR figure?
It is a shame you had the sum
It is a shame you had the sum slightly wrong as you allowed these cowboys to come out with their nonesense that APR is not relevant. Whether it is relevant or not what they quote is wrong.
It is shocking that the BBC and the Guardian have been unable to pick them up on their 14,000%+APR. Actually I believe it is much, much higher than 14,000% because you ought to include the £1 registration and up front £1 charge every time you borrow which effectively means you are paying £12 for £98 borrowed.
I did do the sums to see what happens if you cannot repay immediately. After penalties etc. they want £200 when you get to 24 days - believe it or not that is 3 and 3/4 million% APR! Some people might described that as your te***les in a vice but it hardly seems legit.
I was not sure is the sign up
I was not sure is the sign up fee should be included or not as it is only required for the first loan (I think) so if you have many loans that £1 is diluted across loans of loans therefore reducing the APR to 14000%.
All financial companies make a disproportionate profit on penalties for late payments because people don't compare the penalty fees between companies. (for example those paying overdraft penalty fees pay for my free banking, that's like taxing the poor to pay for the rich, enough to make any right wing capitalist blush - btw i have never paid an overdraft charge)
It is important though that all the information on fees, APRs penalties etc.... is accurate therefore I have submitted a complaint to the company in question.
TxtLoan 994 %APR is CORRECT
Our 994 %APR is correct and it has been reviewed by the Office of Fair Trading.
Our service is straightforward and fees transparent. %APR is not a good measure for short-term loans like ours. Next time you use a cab, why not calculate how much it would cost on annual level. This would be more interesting reading.
If 994% is correct please
If 994% is correct please show how you got to that number (it is also possible that the OFT is wrong). I am not saying that 994% of 14000% is high or low, I'm just saying that I believe that your mathematics is incorrect.
Given the administrative overheads, £10 does not sound unreasonable for an instant loan like yours, but if we are going to have APR displayed then please make sure that it is calculated correctly (and if people question your APR then show your calculations - as I did).
PS If you APR was 994% you should be charging £4.50 for a one week loan of £100 - calculation as follows (994/100)^(1/52)=1.045 i.e. 4.5% per week.
TxtLoan £10 for £100 borrowed for 7-days
Please do not bore to death the good readers of this website.
Over 90% of our clients pay back the loan in 7-days so the whole APR discussion is to an extent irrelevant. We charge £10 for £100 borrowed for a week. That is the only product we have so no point of comparing apples and pears. If you wish to continue APR discussion, please write to us: info@txtloan.co.uk
We are able to keep our fees very competitive due to the high level of automation and sophisticated interfaces.
Not sure how OFT approved it
Not sure how OFT approved it, but if 1 month loan show an APR of around 2000% for 30% for a month, your APR should be much more (since you charge 40%). Though I buy your argument about the cab fare. Only question, if other lenders can afford to lend at 20% a month profitably, why do you have to charge more? More greed??
OFT APR Calculation
If you are having difficulty understanding how and why the Office of Fair Trading approved TXTLoan's APR of 994%, rather than make up calculations as to how you think APR should be calculated - regardless of whether or not it makes sense - you should go directly to the source for information (that means the OFT). Here's a link to the statutory calculation of APR:
http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/oft14... (page 9)
As for the whole issue of APR in respect to TXTLoan, I think the argument entirely misses the point. TXTLoan does not intend to provide long-term loans - the APR calculation is probably there for legal reasons more than anything as TXTLoan wants the short-term loan repaid in 7 days. 994% or 14,000% would both lead to massive figures over a year, but I don't think this is quite how TXTLoan operates.
Txt loans
I have used this service on numerous occasions recently. Initially my Bank card was due to expire hence why my initial application was refused. On updating my details a few months later out of interest rather than requiring funds - one phone call later all was well for me to start borrowing. I find the service easy and quick to use as everything is online and if i perhaps am unable to repay in time, I have replied to e-mails advising when I can make the payment and how much it will be. I always receive an e-mail within the hour letting me know how much will be due on that date. The beauty of these loans are no matter what time or day, you can simply go online and request the funds. Much easier than any other sites I have used.
I've used these for a while
I've used these for a while now and never had any problems, I bank with Barclays and get the money within 10 minutes everytime - as long as you make sure you pay it back on time this is a brilliant service
Txt Loan
A great service, £100 loan in less than 10 minutes. I pay more back if i borrow from my brother. You can get around the £1 fee by applying for loans on line.
Having problems with txt loan
Txt Loans
I was at first declined about
Joke
very helpful
loan
re txt loan
I applied 2 days ago for a txt loan, they have not rung me or attempted contact, they did try to contact my employer out of work hours an obviously they could not get through, I expalined the best time to ring my work yet again , still they phoned when the work closed, they then requested I copy my card front and back and fax it to them and send in 6 months bank statements, I decided not to and asked that they cancel stating I had been accepted elsewhere even though I hadnt applied anywhere else, just wanted them off my back, and they sent me back an e-mail saying I had been declined, however since I gave them my details I have had at least 30 e-mails 15 calls to my landline and the same to my mobile offering me loans of all sorts, numbers that are the same and ring several times aday even when I ask them not to, txt for a loan have got to have passed on my details, how dare they,
txt loans
TxtLoan response
Joke of a company. Got
Money took over a week to
Txtloan is fantastic!
Hi Steve, Just read your
Txtloan
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